Car Data Broker Otonomo Raises $46 Million
4 May 2020 - calcalistech
Otonomo develops ways to monetize data collected by smart cars, acting as a middleman between carmakers and third-party companies that offer automotive-related services
Otonomo Technologies Ltd. an Israel-based startup that offers technology to monetize the data collected by cars, has raised a $46 million series C funding round, the company announced Thursday. The round was participated by SK Holdings, Avis Budget Group, and Alliance Ventures, and existing investors including Bessemer Venture Partners.
The new round brings the company's total raised to date to $82 million. The company intends to use the funds to boost its research and development and customer support teams, and expand to new locations.
Founded in 2015, Otonomo develops ways to monetize data collected by smart cars, acting as a middleman between carmakers and third-party companies that offer automotive-related services. The company has data from more than 20 million vehicles and has signed partnership agreements with more than 25 different car parts manufacturers including Daimler and BMW.
Earlier this year, the company announced it had entered a commercial agreement with auto company Mitsubishi Motors. As part of the agreement, Mitsubishi will integrate Otonomo's data collection and distribution technology into its vehicles, enabling smart cars to seamlessly share data with third-party services and application providers.